US stocks posted further gains as oil prices fell sharply after renewed optimism over possible talks with Iran, despite Tehran denying negotiations were underway to resolve the months-long conflict.
A trader works on the floor of the New York Stock Exchange (NYSE) in New York on August 4, 2026 at the opening bell. (Photo by TIMOTHY A. CLARY / AFP)
Wall Street stocks rose early Tuesday, extending a rally following strong corporate earnings and comments from US Treasury Secretary Scott Bessent on Iran talks that pressured oil prices.
Bessent told CNBC that the United States could reach a deal with Iran to reopen the Strait of Hormuz by Wednesday.
Iran has denied that the two sides are talking to resolve the more than five-month conflict, and earlier US statements signaling a likely imminent deal have proven overly optimistic, but oil prices tumbled on Bessent’s statements.
About five minutes into trading, the Dow Jones Industrial Average was up 1.3 per cent at 53,832.40.
The broad-based S&P 500 gained 0.6 percent to 7,644.30, while the tech-rich Nasdaq Composite Index advanced 1.1 per cent to 26,185.99.
The Dow on Monday finished at an all-time high on lower oil prices and gains by several leading technology companies.
In early trading Tuesday, Caterpillar rose 11.7 per cent, and Palantir surged 17.6 percent following earnings. But Pfizer dipped 0.9 per cent after it reported a loss following unfavorable clinical results.
